The Central Bank said the decrease in the country's reserves was caused by the bank selling foreign currency to prop up the ruble and ensure a gradual depreciation amid capital outflow due to the global financial crisis and declining global oil prices.
Sergei Shvetsov, the head of the Central Bank's financial markets department, said the bank sold some $35 billion in January.
In addition, the bank said the negative revaluation of reserves as a result of the U.S. dollar's growth against the euro and the British pound had also resulted in a decrease.
Apart from foreign currency and gold, Russia's international reserves are also composed of special drawing rights (SDRs), a reserve position in the International Monetary Fund (IMF) and other assets.
